RECENT EPISODES
Fri 6 NovWhat Do The Midterms Mean For Crypto And AI?Markets initially rallied on expectations of post-midterm gridlock, then reversed as investors reassessed AI spending and data-center construction, including political uncertainty around Texas’s share of the pipeline. Matthew Siegel says Bitcoin remains tied to technology-sector liquidity and may be vulnerable to AI-driven disruption of software, while speakers debate whether spending compromises could weaken the dollar and support Bitcoin and gold. Stablecoin payments and tokenization offer potential crypto growth beyond trading.Fri 30 OctWill Druck Kick Off The Next Phase of Crypto's Bull Market?Stanley Druckenmiller’s public interest in Trade XYZ may lower the career risk of exploring crypto, echoing the speakers’ comparison with Paul Tudor Jones’s Bitcoin endorsement, but it does not prove Druckenmiller’s team is using the product or guarantee a rally. They discuss Trade XYZ’s private-company markets and ICE’s potential to expand crypto distribution, while stressing that fragmented liquidity and unsettled U.S. rules could constrain growth.Fri 23 OctCybersecurity Panic, Nationalizing AI, The Model Squeeze & Can't Own AnythingAn AI model helped uncover an exploitable PHP flaw reportedly known since 2004, raising fears that AI will accelerate attacks on aging infrastructure. The hosts weigh nationalizing AI against funding public-security GPU work, then examine strained model economics and competition between low-cost providers and frontier labs. They also discuss a possible Visa–Fireblocks sale below the preferred-shareholder stack that could leave common holders with nothing.Mon 19 OctWhich Businesses Will Survive AI? | Michael DempseyMichael Dempsey explains why AI businesses must survive successive innovation cycles, not just ride subsidized growth, and why model labs could erode product-layer advantages. He weighs the durability of inference providers and infrastructure against risks to SaaS, while discussing what makes deep-tech investments compelling, including Orbital Materials’ AI-designed material and route to market.Fri 16 OctIs The AI Debt Bubble Finally Popping? | Weekly RoundupThe sharp selloff in AI stocks raises a central question: can companies finance a massive infrastructure buildout if revenue and returns lag? The discussion explores rising borrowing costs, uncertain demand, and the risks facing debt-dependent providers such as CoreWeave. It also covers Token 2049’s focus on institutional crypto, including stablecoins and tokenized equities, and a proposal to pay Bitcoin miners for AI inference.Mon 12 OctKamino's Plan To Make Tokenized Assets Actually Useful | Michael WeiszMichael Weisz explains Kamino’s bet that tokenized assets become useful when holders can borrow against them without selling. The company aims to provide credit and liquidity infrastructure through brokerages, banks, exchanges, and other platforms’ existing customer experiences, rather than build a consumer marketplace. He also discusses why reliable pricing, custody, and liquidation matter before private assets can support lending, and why Kamino is prioritizing regulated managers and assets it can value confidently.Wed 7 OctJeff Yan On Hyperliquid’s Plan To Bring All Finance OnchainJeff Yan explains Hyperliquid’s ambition to become neutral, composable infrastructure for bringing all finance onchain, rather than replacing a particular exchange. He discusses why useful growth depends on issuing assets—not just tracking their prices—and how portfolio margin, HIP4 options-like products and open order books could support broader financial activity. Shonda Devins reports real-world-asset open interest rose from $300 million in January to $3.9 billion at the interview.Mon 5 OctCompute Is A Trillion-Dollar Market Trading In Group Chats | Brett Harrison & Andrawes BahouBrett Harrison and Andrawes Bahou describe a roughly $1 trillion compute market where GPU capacity is still bought through opaque negotiations among providers, brokers, and trusted contacts. They discuss Compute Desk’s transaction-based price indexes and Architect’s proposed CFTC-regulated futures and options, which could help buyers and operators hedge contract and renewal-price risk as compute supply expands.Fri 2 OctEveryone Is Watching AI While Crypto’s Bull Market Builds | Weekly RoundupAs crypto sentiment shifts toward greed and investors rebuild watchlists, the hosts weigh signs of a broadening bull market, from stronger altcoins to rapid growth in stablecoins. They contrast that optimism with rising fear around AI’s economics, examining Anthropic’s compute spending and whether costly data-center buildouts can earn adequate returns. The episode also explores fresh interest in late-stage crypto investing and tokenization.Fri 25 SeptMarkets Sending, Just Buy Consensus, Meta's AI Moment & Who Wins Tokenization? | Weekly RoundupBitcoin and other crypto assets rallied despite unresolved regulatory questions, as speakers argued that consensus names and quality have driven returns across markets. They discuss Meta’s fast-growing Muse AI assistant and why one speaker expects it to catch up on features. On tokenization, they weigh potential gains in access, trading and DeFi against fragmented liquidity—and say it remains unclear which companies will capture the value.Fri 18 SeptCLARITY Failed, Many Stablecoins Debate, Circle Launches Arc & Meta's AI Edge | Weekly RoundupThis episode discusses the recent rejection of the Clarity Act in the Senate, highlighting the mixed reactions and potential for revival. The ongoing debate around stablecoins is explored, with insights into multinational companies launching their own stablecoins amid a complex banking landscape. Additionally, Circle's launch of Arc is examined, showcasing its initial success and the challenges it faces in positioning itself within the competitive crypto market. The episode also touches on advancements in AI, particularly Meta's Muse outperforming competitors.Mon 14 SeptThe Six Tokens To Own This Cycle | Yan LibermanIn this episode, Yan Liberman explores the current market dynamics, focusing on the potential of six alternative tokens poised for growth amid a challenging economic landscape. He discusses the impact of long-term bond curve control and the implications of a looming recession on investment strategies. Liberman highlights the promising prospects of specific tokens, including Aero and Grass, while emphasizing the importance of founder quality in evaluating crypto ventures and the intersection of crypto assets with AI demand.Fri 11 SeptMemecoins Are Stress-Testing The Future Of Tokenized Stocks | Weekly RoundupThis episode explores the intersection of meme coins and tokenized stocks, highlighting their potential to reshape market dynamics and liquidity as predictions suggest a bull market is on the horizon. The discussion includes Robinhood's growth and its trading chain for tokenized equities, alongside concerns raised by AMC's CEO about the implications of these practices.Wed 9 SeptCloudflare CEO: The Man Deciding The Internet’s Next Business ModelIn this episode, Cloudflare CEO Matthew Prince explores the future of the internet's business model, predicting a shift from advertising dominance as automated traffic surges. He discusses Cloudflare's role in promoting decentralization and its collaboration with major AI firms to prepare for increased internet traffic. The conversation also addresses the challenges of micro payments and the need for efficient blockchain solutions to support content creators, while emphasizing the importance of recognizing genuine knowledge contributions in an AI-driven landscape.Mon 7 SeptCloudflare CEO: The Man Deciding The Internet’s Next Business ModelIn this episode, Cloudflare CEO Matthew Prince explores the future of the internet's business model, predicting a shift towards automated traffic that could reshape the landscape by 2027. He discusses Cloudflare's commitment to decentralization and the role of AI in empowering non-developers to create websites. The conversation also delves into the company's innovative approaches to micro payments and blockchain technology, aiming to enhance transaction efficiency while addressing the challenges posed by centralized platforms like Google.Fri 4 SeptRobinhood Is Proving Distribution Captures Crypto’s Value | Weekly RoundupIn this episode, the discussion centers on Robinhood's potential to double its revenue and significantly increase profits, driven by its recent growth and the resurgence of its Ethereum-based chain. The podcast explores the implications of meme coins and their pairing with tokenized stocks, highlighting regulatory concerns and market manipulation risks. Additionally, it examines the evolving landscape of crypto distribution, where platforms like Robinhood are capturing more value, while traditional financial institutions show increasing interest in tokenization strategies.Mon 31 AugBeezie & Collector Crypt CEOs on Why Onchain Collectibles Are ExplodingIn this episode, Beezie and Collector Crypt CEOs discuss the explosive growth of on-chain collectibles, particularly in the context of the booming Pokémon card market. They explore the emotional connections that drive collector interest and the inefficiencies of the current resale market, exacerbated by rising fees on platforms like eBay. The conversation highlights their innovative approach to enhancing liquidity through blockchain technology and a zero-fee marketplace, aiming to empower collectors while navigating regulatory challenges.Fri 28 AugStory vs Valuation, Hyperliquid TAM, Pump’s Problem & Ethena’s Token ResetThe panel debates whether crypto valuations increasingly price future growth over current revenue, as Hyperliquid’s Q1–Q2 revenue is weighed against a valuation dependent on US access and institutional adoption that has yet to materialize. Pump’s revenue contrasts with slower buybacks and an unclear product vision, raising questions about growth beyond meme coins. Ethena’s reset removes future investor unlock overhang and shifts protocol IP and accrued value to token-holder governance, but ENA still depends on fee capture and business expansion.Thu 20 AugNew SEC Crypto Proposal Could Finally Fix TokensThe SEC released a 402-page crypto proposal creating two token offering exemptions, one capped at 5 million dollars for startups and a larger one at 75 million dollars that exceeded market expectations, with both the SEC and CFTC voting three to zero in favor and a 60-day comment period now underway.Mon 17 AugUniswap Is Building The Liquidity Network For Everything | Hayden AdamsHayden Adams joins to reframe Uniswap not as a decentralized exchange but as a liquidity network, arguing the DEX label caused centralized exchanges to treat Uniswap as a competitor rather than infrastructure to build on, a distinction he compares directly to Ethereum's own application-versus-platform dynamic.Fri 14 AugCrypto’s Speculation Problem, Regulation Without CLARITY & The Gambling EconomyThe episode centers on three interlocking themes: the stalled CLARITY Act, the speculative character of current on-chain activity, and the blurring line between investing and gambling. Rob puts the CLARITY Act's passage odds at roughly 20 percent on Polymarket and argues its absence most harms large banks and asset managers that require statutory certainty before committing capital, though SEC and CFTC rulemaking on innovation exemptions and safe harbors is expected to partially fill the gap.Mon 10 AugMorpho Is Coming For The $200 Trillion Credit Market | Paul FrambotPaul Frambot explains Morpho’s ambition to connect lenders and borrowers across a credit market he estimates at roughly $200 trillion, arguing its advantage is the network rather than code that others can copy. He discusses how competition could improve rates and liquidity, and how Midnight’s fixed-rate loans and specialist curators aim to give users and institutions more control over terms and risk as features roll out.Fri 7 AugVenture Mandates, Cloudflare Wallets, Circle Earnings & Saddam Hussein Patek PhilippeThe discussion examines how venture firms balance focused crypto expertise against broader mandates, and how Cloudflare Wallets could let people delegate capped, controlled spending to AI agents using stablecoins and other payment rails. It also weighs Circle’s mixed earnings, including higher revenue but lower USDC circulation and transaction volume, against competition and valuation concerns.Fri 31 JulAI Fatigue, Robinhood & Every Market Becoming Crypto | Weekly RoundupPolymarket odds for crypto clarity legislation passing sat at roughly 27 to 30 percent at recording time, down from 46 percent the prior week, with ethics language around Trump family crypto ownership and developer protection provisions called BRCA remaining the core sticking points.Fri 31 JulAI Fatigue, Robinhood & Every Market Becoming Crypto | Weekly RoundupThis week's conversation centers on three converging pressures reshaping crypto and tech markets. On the legislative front, Polymarket odds for crypto clarity legislation have slipped to roughly 27 to 30 percent, down from 46 percent the prior week, with ethics language around Trump family crypto holdings and developer protections remaining the core sticking points.Mon 27 JulRobinhood's Plan to Bring Global Finance Onchain | Johann KerbratRobinhood's general manager of crypto Johann Kerbrat explains why the company built a new Ethereum L2 on the Arbitrum stack rather than acquiring an existing chain, citing the need to avoid legacy technical debt and build a fresh developer ecosystem. Within three weeks of its July 1st launch the chain processed over 105 million transactions and accumulated roughly one billion dollars in TVL, with most volume coming from DeFi users Robinhood had not previously reached.Mon 27 JulRobinhood's Plan to Bring Global Finance Onchain | Johann KerbratRobinhood general manager Johann Kerbrat explains how the company launched its own Ethereum L2 blockchain on July 1st using the Arbitrum stack, reaching one billion dollars in TVL, 750 million dollars in market cap, and over 105 million transactions within three weeks. Kerbrat describes the chain as backend infrastructure rather than a revenue source, with Robinhood using Ethereum as gas currency and holding no current plans for a native token.Thu 23 JulThe Bill That Could Reshape Crypto In America with Greg Xethalis from MulticoinGreg Xethalis, a lawyer at Multicoin, joins the episode to break down the federal crypto legislation moving through Congress and explain why a single federal framework became necessary after state-by-state licensing proved structurally unworkable, requiring companies to obtain licenses from 54 separate entities.Thu 23 JulThe Bill That Could Reshape Crypto In America with Greg Xethalis from MulticoinGreg Xethalis, a lawyer and partner at Multicoin Capital, joins the show to break down the Digital Asset Market Clarity Act, which passed the House under Congressman G.T. Thompson and recently cleared both the Senate Agriculture and Banking Committees.Thu 23 JulThe Bill That Could Reshape Crypto In America with Greg Xethalis from MulticoinGreg Xethalis, a lawyer at Multicoin Capital, joins to break down the sweeping federal crypto legislation moving through the Senate, a bill he describes as a marriage of the House Clarity Act and Title I of the Lummis-Gillibrand Responsible Financial Innovation Act running roughly 620 to 630 pages. He explains why state-by-state licensing across 54 entities became structurally unworkable and how the bill resolves the long-standing CFTC and SEC jurisdictional dispute over spot markets.Thu 16 JulClarity Window Closing, Robinhood Eating Ethereum Value & Coinbase's Base ResetThe CLARITY Act is running out of runway, with Polymarket pricing passage at just 35 percent by year end and the Senate August recess around August 7th serving as the practical deadline, while the Trump family's crypto earnings above one billion dollars have hardened Democratic opposition and made the nine crossover votes needed nearly impossible to secure.Thu 16 JulClarity Window Closing, Robinhood Eating Ethereum Value & Coinbase's Base ResetThe CLARITY Act is running out of time, with Polymarket pricing Senate passage at roughly 35 percent by year end and an effective hard deadline of August 7th before summer recess bleeds into midterm campaign season. Unresolved ethics language around Trump family crypto profits remained under negotiation on the day of recording, and industry insiders privately blame the Trump token and World Liberty Financial for slowing regulatory progress.Thu 16 JulClarity Window Closing, Robinhood Eating Ethereum Value & Coinbase's Base ResetThis week's discussion centers on the narrowing legislative window for the CLARITY Act, with Polymarket pricing passage at 35 to 36 percent by year-end and the Senate August recess beginning around August 7th forcing a hard deadline. The Trump family's reported one billion dollars in crypto earnings over the past year remains the central ethics sticking point blocking the nine Democratic crossovers needed for 60 votes.Tue 14 JulFomo Co-Founders on Building the Social Network for FinanceFOMO, incorporated in late December 2024 and valued at 550 million dollars after a party round of roughly 100 to 150 angel investors, positions itself not as a crypto app but as a consumer trading platform built on crypto rails, aiming to become the largest trading app in the world.Tue 14 JulFomo Co-Founders on Building the Social Network for FinanceThe three co-founders of FOMO, all former DYDX employees of roughly four years, incorporated the company on approximately December 30, 2024, and have since raised at a $550 million valuation followed by a $75 million round backed by Benchmark and Index Ventures. They describe FOMO as a consumer app built on crypto rails rather than a crypto app, targeting global scale by arguing that only around 100,000 people actively use DeFi on any given day outside bull markets.Tue 14 JulFomo Co-Founders on Building the Social Network for FinanceThe co-founders of FOMO, Paul, Se, and Prashan, all veterans of roughly four years at DYDX, join the show to explain how they built what they describe as a consumer app on crypto rails rather than a crypto consumer app, targeting the largest trading app in the world as their long-term goal.Fri 10 JulCrypto's Value Capture Problem & Why Robinhood Built Its Own BlockchainInversion Capital spent eight months evaluating more than 20 sectors testing whether crypto could generate above-market returns when applied to traditional businesses, and the firm's core finding was that crypto tends to push value toward consumers as surplus rather than capturing it for companies, making it a table-stakes feature rather than a competitive differentiator.Fri 10 JulCrypto's Value Capture Problem & Why Robinhood Built Its Own BlockchainInversion spent eight months reviewing more than 20 sectors to test whether acquiring traditional businesses and applying crypto could produce dramatic efficiency gains, and the conclusion was largely negative. Businesses most susceptible to crypto transformation tended to be poor businesses to begin with, the value accrual problem remains unresolved because open source networks push gains to consumers rather than companies, and the team concluded that larger players like Robinhood and Stripe are better positioned to capture that value.Fri 10 JulCrypto's Value Capture Problem & Why Robinhood Built Its Own BlockchainInversion spent eight months evaluating more than 20 sectors before concluding that the ROI of implementing crypto in traditional businesses is not large enough today, partly because open source networks push value toward consumers rather than companies and any cost-reduction solution can be replicated by competitors. The firm found AI agents far more transformative for traditional businesses than crypto.Fri 3 JulWhat’s Circle’s End Game, Robinhood Launches A Chain & Venice Raises $65MThis episode examines three major developments across crypto and fintech. Circle's stock has fallen roughly 50 percent from 125 dollars to around 60 to 65 dollars in under two months, with speakers arguing its cost base of 500 to 600 million dollars annually is difficult to sustain given stablecoin revenue math, while Stripe's OpenUSD consortium of 150 partners including Visa, BlackRock, and Google poses a structural threat.